Quarterly Deals Roundup Payments - Evolve Capital2017. Legacy carriers can now rent on-demand...

Insurance

Specialized investment bankers at the intersection of finance and technology

QUARTERLY DEALS& MARKET ROUNDUP

Benefits Administrators

Data & Analytics Solutions

Insurance Brokers

Multi-Line Insurance

Online Information Providers

Property & Casualty Insurance

P&C Specialty

Software Solutions

Title Insurance

Traditional / Life Insurance

March 2018

Evolve Capital Partners; Deals & Market Roundup – Insurance 2

This quarter’s Insurance roundup discusses the following key developments:

Highlights

INSURERS ARE LEVERAGING BLOCKCHAIN TECHNOLOGY TO ADDRESS THE AGE-

OLD TRUST ISSUE

LEGACY CARRIERS CAN NOW RENT ON-DEMAND PLATFORMS

ASIAN MESSAGING AND E-COMMERCE GIANTS ENTER INSURANCE

AN IMPROVING BUSINESS ENVIRONMENT AND NEED TO STREAMLINE OPERATIONS IS

BOOSTING DEAL ACTIVITY


ABOUT ECP

Evolve Capital Partners (ECP) is a specialized investment bank focused on businesses serving industries

at the intersection of finance and technology.

We are dedicated investment bankers focused on evolving industries, and we support sustainable growth

through transformational M&A / financing transactions.

ECP is a dedicated, creative, and fully independent investment bank that advises private and public

companies on merger, divestiture and acquisition transactions, and capital raising through private

placements.

We also provide structured financial advisory services — our investment banking practice provides a

comprehensive suite of solutions to businesses.

With over 30 engagements executed by its leaders, Evolve Capital Partners has served as a proud

partner, bringing renewed value to companies at the intersection of finance and technology.

We were founded in 2012 and are based in New York, NY.

HIGH-TOUCH INVESTMENT BANKING

Few investment banks have transaction experience across both corporate and asset finance.

Our Clients Investment Banking Advisory

Corporations VC & PE Backed

Companies M&A

Capital Raises and Asset

Finance

Management

Teams

Independent

Directors / Boards

Strategic

Alliances

Financial Restructuring

Industry Focus

Finance and Technology Firms

BPO Specialty Finance Payments Securities

IoT Enterprise Software Lending Financial Services

B2B Analytics InsuranceTech Financial Management

Overview of Evolve Capital Partners


Capabilities

M&A Advisory

Sales / Recaps

Acquisitions

Divestiture

Strategic Advisory

Financing

Private Placements

Debt Capital

Restructuring

Payments Bank Technology

Solutions

BPO

Data & Analytics / IoT

Healthcare Tech

Financial Management

Solutions

Specialty Finance /

Alternative Lending

Securities

Insurance

We Focus Exclusively on Finance and Technology Related Firms


1. Market Summary

A. Multiples and Margins – All Sectors

B. Multiples and Margins – Insurance

C. Stock Comparables – Insurance

2. Market Updates

A. Recent Updates

B. Key Initiatives by Leading Insurance Companies

3. Deal Activity

A. Overview

B. M&A Transaction Activity Summary

C. Key M&A Deal Profiles

D. Financing Transaction Activity Summary

E. Key Financing Deal Profiles

4. IPO Activity Summary

5. Select Wall Street Research & Commentary

Contents


Market Summary

Industry Stock Market Performance of ECP Sector Coverage

Source: Capital IQ and market data as of March 2, 2018

Last 12 Months

Last 3 Years

Healthcare Tech

Payments


Financial Management Solutions

Bank Technology Solutions

Securities

Insurance

BPO

Specialty Finance / Alternative Lending

Payments

Healthcare Tech

Financial Management Solutions

BPO

Bank Technology Solutions


Securities

Insurance

Specialty Finance / Alternative Lending


Multiples & Margins – All Sectors

Industry-wide Multiples and Margins



Multiples & Margins – Insurance

Sub-sector Multiples and Margins



Stock Comparables – Insurance

Source: Capital IQ


Stock Comparables – Insurance Sub-Sectors

Source: Capital IQ



Source: Capital IQ


Recent Updates

Blockchain-based smart contracts hold the promise of

eliminating the age-old trust deficit that customers have in their

insurers. Carriers are replacing traditional insurance contracts

with smart contracts that are built on blockchain. These digital

and self-executing contracts eliminate the need for insurers’

excessive intervention. They can independently calculate

premiums based on predefined parameters, register the

insured and settle claims. Since the policy terms are available

over the distributed ledger, adjusters can quickly make more

informed decisions and the insured get compensated quickly,

even when they are separated by great distances.

Established insurers, as well as young insurance

businesses, are flocking in to harness the benefits of

blockchain-powered smart contracts. Insurepal, for

example, is using blockchain-based contracts to bring out

the essence of trust in a smart, digital way. It is building a

self-adjusting, lean blockchain-based platform that aims

to lock in the trust of the peers through the ledger. This

pressure dissuades the insured from dangerous behavior,

resulting in a lower probability of an insurance event.

Insurers are leveraging blockchain technology to address the age-old trust issue

Legacy carriers that are aggressively pursuing their digital

reinvention campaigns through capital-intensive M&A and

strategic funding deals, now have a cost-efficient alternative. In

addition to partnering with technology startups, they can rent

their digital insurance platforms through Insurance Cloud

Services (ICS). ICS is a cloud-hosted, end-to-end, digital-first

platform designed and built to drive experimentation,

customization and deployment. It also supports APIs that

enable insurers to access high-quality data in real time to

conduct sophisticated analyses and offer data-driven value-

added services to their customers.

For young technology-driven digital insurance firms,

platform renting is a great way to diversify. It also offers

them the ideal strategic opportunity to partner with legacy

carriers and generate incremental revenue, instead of

competing with them. Cloud-based, on-demand insurer

Slice Labs is among the latest to make its platform

available for rent. It joined the platform renting brigade

soon after New York-based online insurer Lemonade

embarked on its platform outsourcing program in late

2017.

Legacy carriers can now rent on-demand platforms

Asian messaging and e-commerce giants enter insurance

Asian messaging and technology giants are swarming into

the insurance sector as strong economic growth and

increasing income levels are driving the demand for

insurance products in the region. This trend is especially

visible in young, urban Southeast Asian markets where

demand for insurance products has seen stronger growth

than most other major geographies.

There has been a flurry of messaging and e-commerce

companies entering insurance through partnerships and

acquisitions.

Rakuten, Japan’s largest e-commerce retailer, was seen

.

expanding its portfolio of financial services by acquiring

P&C insurer Asahi Fire & Marine. Similarly, in India,

Paytm Mall partnered with general insurance startup Digit

Insurance to offer smartphone insurance.

Leading players in the messaging space have also

broken into insurance. Japanese messaging company

Line announced its plans to provide cryptocurrency

insurance. Similarly, a Chinese messaging company

WeSure announced its plans to offer short-term health

insurance.


Allstate is now a few months into its announced fraud detection partnership with insurtech Carpe Data in

November. The deal gives the carrier’s claims adjusters license to request on-demand background checks on

policyholders using publicly available information. Carpe Data then utilizes AI algorithms to scour social media

sites, public databases and news media outlets for proof of limited physical prowess or recent criminal activity.

Nationwide also partnered with Verisk Analytics to thwart policyholder fraud in January 2018. The agreement

enables the insurer to leverage Verisk’s Claims Director software to inspect first notice of loss information as it

comes in. Verisk’s technology suite gives clients access to a business intelligence dashboard, an interactive

prior loss timeline and a triage page.

Allianz and Visa launch mobile payment and loyalty app

Assurant forges partnership with rental software company

Legal & General reveals technology deal for on-demand product

Global risk-management provider Assurant has partnered with TenantCloud, a cloud-based rental accounting

software company. The partnership will allow landlords to protect their rentals by requiring tenants to have

renters’ insurance, while tenants will be able to secure coverage directly through the TenantCloud app. The

Assurant partnership will help tenants and landlords lower the risk of renting, which will save renters money

and lower costs for landlords.

Legal & General, in its bid to “transform” insurance, has partnered with an insurtech firm, Slice Labs. The

partnership aims to provide on-demand home-share insurance products. Customers who share their homes

on platforms such as Airbnb will be able to buy insurance without hassle, whenever they need it.

Through this partnership, Legal & General aims to use technology that has the potential to fundamentally

change the way people buy insurance. This proposition can be viewed as its strategy to continue transforming

insurance with data and technology-led solutions.

Allstate and Nationwide among insurers using public data sources in fraud detection

A mobile payment and loyalty app, the first of its kind in the insurance industry, was launched jointly by Allianz

and Visa. The app features built-in security technology pioneered by Visa that replaces sensitive payment

card information, enabling a payment to be processed without exposing actual account details. The app will

provide an innovative, integrated mobile solution which combines payments, spend tracking and enhanced

insurance services. It is expected to help customers make fast, safe and easy payments both online and

offline. The app is currently being tested in Italy with a sample of Allianz customers.

Key Initiatives by Leading Insurance Companies


Highlighted M&A Transactions

Date Target Acquirer SectorImplied EV

($mm)

2/19/18 Multi-Line

InsuranceNA

2/7/18 P&C

Insurance$22

2/2/18 Software

SolutionsNA

1/11/18 Insurance

BrokersNA

Highlighted Financing Transactions

Date Company Key Investor(s) TypeAmount

($mm)

1/24/18 Series B $25

1/16/18 Series B $9

Deal Activity

▪ The Insurance sector witnessed a

promising quarter, with M&A

activity continuing unperturbed.

▪ US tax reform, rising interest rates,

healthy consumer confidence and

an abundance of capital aided

deal activity.

▪ Incumbents increasingly took the

inorganic route to streamline

operations with the objective of

rationalizing costs and focusing

exclusively on core activities.

▪ Deals volumes were also

supported by new categories of

buyers, such as sovereign wealth

funds eager to gain from the rise of

agile insurance software solution

providers.

The Insurance sector witnessed several big-ticket transactions as conditions for deal-making remained ripe. With factors such as

US tax reform, rising interest rates, healthy consumer confidence and an abundance of capital aiding deal activity, incumbents

remained on the lookout for young disruptive firms.

The insurance sector witnessed a promising quarter, with

M&A activity continuing unperturbed. The segment

witnessed some big-ticket transactions, as conditions for

deal-making remained ripe. With factors such as US tax

reform, rising interest rates, healthy consumer confidence

and an abundance of capital aiding deal activity,

incumbents remained on the lookout for young disruptive

firms. Although, natural disasters inflicted heavy

underwriting losses for P&C insurance providers, fund flow

instilled optimism in insurance providers. For example,

Hippo, an online home insurance provider raised nearly

$25 million from a host of investors, including Comcast

Ventures. Deals volumes were also supported by new

categories of buyers, such as sovereign wealth funds,

eager to gain from the rise of agile insurance software

solution providers. Incumbents increasingly took the

inorganic route to streamline operations with the objective of

rationalizing costs and focusing exclusively on core

activities. As such, they are leveraging the capital received

from divestitures of unprofitable business divisions to buy

specialized young firms to add value to their enterprises.

Multi-line insurance providers such as AIG have also been

active this quarter. AIG acquired Validus, which enables AIG

to expand its reach in the reinsurance market. Furthermore,

the deal positions the company to cater to the growing

demand for P&C insurance products following the

hurricanes and earthquake in Central and North America

last year.

IBEX Ventures

Improving business environment and need to streamline operations boosting deal activity


Date Target Acquirer(s) SectorImplied EV

($mm)

3/5/18 P&C Insurance $15,804

2/19/18 Multi-Line Insurance NA

2/21/18 Elkhan Garibli Multi-Line Insurance NA

2/13/18 P&C Insurance NA

2/13/18 Insurance Brokers NA


2/7/18 P&C Insurance $22


2/2/18 Software Solutions NA

1/22/18 Multi-Line Insurance NA


Source: Capital IQ and Media Reports

M&A Transaction Activity Summary

Transaction Profiled




Source: Capital IQ and Media Reports

M&A Transaction Activity Summary

Date Target Acquirer(s) SectorImplied EV

($mm)





1/3/18 P&C Insurance NA



12/22/17 Bright Box HK Limited Software Solutions NA


12/14/17 Data & Analytics

SolutionsNA



Target Company Overview

Adaptik Corporation offers P&C insurers a suite of

policy administration and billing capabilities for

commercial, personal, specialty and workers

compensation lines of businesses.

The company was founded in 2000 and is based in

Bethlehem, PA.

Acquisition Details

Sapiens International Corporation N.V. entered into a

definitive agreement to acquire Adaptik for $22 million

on February 7, 2018. Post transaction, Adaptik will

become a wholly owned subsidiary of Sapiens. The

transaction is expected to be completed in early March

2018.

Solutions Offered

Adaptik’s software application suite offers solutions for

policy administration, rating, billing, claims, and product

design. It helps users accomplish critical tasks using

configuration, rather than coding, with an objective of

increasing operational agility and speed-to-market for

their new and existing products, as well as reducing

their cost and risk.

Transaction Rationale

The transaction improves Sapiens’ competitive position

and enables it to increase its market share in North

America by bringing together the strengths of Adaptik’s

line of solutions and Sapiens’ StoneRiver products. The

additional resources provided by Sapiens will allow

Adaptik to continue adding key capabilities as its clients

focus on expanding their digital strategies.

Source: Capital IQ, company websites and press releases

Sapiens acquires Adaptik for $22 million

Key M&A Deal Profiles

Eli Global acquires Finanzen for an undisclosed amount


Finanzen Group operates a B2B digital marketplace for

insurance and finance customers. The company

currently serves four European markets – Germany,

France, Switzerland, and the UK.

Finanzen was founded in 2004 and is based in Berlin,

Germany.

Acquisition Details

Eli Global entered into a definitive agreement to acquire

Finanzen from Blackfin Capital Partners and

Finanzen's founders on February 19, 2018. The

transaction, a portion of which is subject to approval

from the Federal Trade Commission and Justice

Department, is expected to close late in 2018.

Services Offered

Finanzen’s platform connects lead generators, such as

online price comparison sites, with lead buyers, such

as independent financial advisors and insurance

agents. The company also acts as an online broker for

certain insurance products.


Finanzen is the first company that Eli has acquired

under its newly-formed insurance services portfolio.

The company plans to substantially grow this portfolio

Technology companies with aggressive global

expansion goals, like Finanzen, fit well. Eli will leverage

its strong global footprint to accelerate Finanzen’s

ambitious national and international growth plans.



TIA Technology acquires goBundl for an undisclosed amount

QuoteWizard acquires Bantam Connect for an undisclosed amount

Key M&A Deal Profiles (Cont’d.)


goBundl ApS operates a machine learning- and

artificial intelligence-driven self-service platform that

allows insurance companies to move more of their

sales online and create a customized and engaging

customer journey. The company was incorporated in

2016 and is headquartered in Copenhagen, Denmark.

Acquisition Details

TIA Technology A/S acquired goBundl on February 2,

2018. Terms of the transaction were not disclosed.

Services Offered

goBundl’s platform helps insurers increase their online

sales by enabling users to bundle together and create

their own insurance groups. These groups are

comprised of people who know and care about each

other, such as family, friends or sports clubs. If the

group performs better than what might normally be

expected, its members see some of their money

returned to them at the end of the year.


The incorporation of goBundl technology onto the TIA

platform is part of TIA’s overall ecosystem strategy. It

lets TIA offer one vendor solution for both core and

digital product offerings.


Bantam Connect, LLC provides call transfers, inbound

call programs, and real-time insurance leads allowing

consumers to connect with insurance providers. The

company was founded in 2016 and is based in Rancho

Cordova, CA.

Acquisition Details

QuoteWizard.com, LLC acquired Bantam Connect, on

January 11, 2018. As a part of the deal, QuoteWizard

will retain all of Bantam Connect's ongoing call center

operations located in Rancho Cordova.

Solutions Offered

Bantam Connect engages ready-to-purchase insurance

consumers and connects them with carriers and

agencies looking to fulfill their insurance needs.

Combining insurance call transfer specialists with

quoting technologies that accurately match consumer

profiles to available insurance products, Bantam

Connect's solution helps increase agent sales

productivity and consumer satisfaction.


The addition of Bantam allows QuoteWizard to grow

and enhance the technological potential of its call

service, diversify its product offerings, and increase its

customer traffic acquisition capabilities. By combining

Bantam’s Call Products with its Lead and Click

offerings, QuoteWizard is now the only company that

offers a full suite of end-to-end customer acquisition

solutions. The acquisition will allow QuoteWizard to

offer its customers more comparison choices when

using the company’s insurance shopping services.


Source: Capital IQ, Pitchbook and Media Reports

Financing Transaction Activity Summary

Date Target SectorAmount

($mm)Type Key Investor(s)

2/21/18Data and Analytics

Solutions $10 Series A

2/12/18 Software Solutions $25 Series B

2/1/18 Software Solutions NA Venture



Solutions $17 Series B HSB Group

1/25/18 P&C Insurance $2 Seed Undisclosed

1/24/18 P&C Insurance $30 Series B

1/22/18 Insurance Brokers $25 Series B


Solutions $6 Seed

1/16/18 Multi-Line Insurance $9 Series B



Solutions $3 Series B


Source: Capital IQ, Pitchbook and Media Reports

Financing Transaction Activity Summary

Date Target SectorAmount

($mm)Type Key Investor(s)

1/8/18 Software Solutions $8 Series A

1/5/18 Software Solutions $2 Seed

1/3/18 P&C Insurance $500 Venture

12/22/17 P&C Insurance $6 Growth

12/20/17 Insurance Brokers NA NA

12/19/17 Software Solutions $120 Series C

12/19/17 Software Solutions $107 NA

12/18/17 Insurance Brokers$6

Series A Undisclosed

12/18/17Data Analytics

Solutions NA Series A

12/12/17 Software Solutions $18 Series A

12/11/17 Software Solutions $75 NA

12/7/17

.

Software Solutions NA Venture



Ladder raised $30 million from new investor RRE Ventures

Key Financing Deal Profiles

Nexar raised $30 million from Ibex Investors


Nexar Ltd., a developer of a mobile application named

Dashcam, offers insights and alerts about surrounding

cars and enables users to provide feedback and alerts to

other drivers on the road. The company was founded in

2015 and is based in San Francisco, California.

Acquisition Details

Nexar Ltd. announced on January 24, 2018, that it has

received $30 million in a series B funding round led by

new investor Ibex Investors. The transaction closed on

the same date. Alibaba Capital Partners, GE Ventures,

Nationwide Mutual Insurance Company, Mosaic

Ventures I, L.P., and Tusk Venture Partners I LP also

participated in this round.

Services Offered

Nexar’s AI-based mobile application records the road

while driving, detects and records all events associated

with an accident and uploads this data to the cloud.

Using this information, the company prepares data

reports on city traffic flows and road defects for smart

city projects.

Nexar also improves claims and underwriting processes

for insurance companies by providing video-based

telematics scores and ride-playbacks to them.


Nexar intends to use the proceeds for its AI-based road

safety mobile app and to grow its network by signing

partnerships with more insurers, cities and automakers.

The company’s aim is to reduce or eliminate the number

of car crashes in future.


Ladder Financial offers life insurance and third party

administrator services through its website. The company

has partnered with Fidelity Security Life Insurance

Company to issue LadderLife policies. These policies

are reinsured by Hannover Life Reassurance Company

of America. The company was founded in 2015 and is

based in Palo Alto, California.

Acquisition Details

Ladder Financial announced on January 10, 2018, that it

received $30 million in a series B funding round led by

new investor RRE Ventures LLC. The transaction

involved participation from another new investor

Thomvest Ventures and existing investors Nyca

Partners, Lightspeed Venture Partners, and Canaan

Partners. The transaction closed on the same date.

Services Offered

Ladder provides affordable and flexible life insurance

policies to individuals with no transaction fees. The price

of the insurance policy is locked and doesn’t change with

the age or health of the person. Ladder doesn’t involve

insurance brokers and provides policy cancellation to

customers with a full money back guarantee within 30

days.


Ladder Financial intends to use the proceeds from the

funding to develop its platform capabilities and expand

its marketing initiatives nationwide. The company has

also announced plans to make its digital life insurance

offering available to partners via the Ladder API.


IPO Activity Summary

Source: Capital IQ and Pitchbook

Market data as of March 2, 2018

Company IPO DateAmount

Raised ($mm)

IPO

Price

Current

Market Price

Total

Return

9/27/17 $1,1524 $7.65 $8.79 15%

6/9/16 $1,153 $22.09 $43.47 97%

7/6/15 $127 $14.00 $55.35 295%

1/15/15 $116 $14.00 $0.04 (100%)

7/17/14 $71 $10.00 $31.59 216%

3/26/14 $240 $16.00 $46.85 193%

9/17/13 $131 $26.50 $24.15 (9%)

6/24/13 $199 $1.71 $0.92 (46%)

1/24/12 $115 $13.00 $82.97 538%

2/10/10 $150 $15.00 $13.09 (13%)


Select Wall Street Research Updates and Commentary

Update from D.A. Davidson, February 2018

While insurance companies are traditionally more conservative with IT deployment decisions

and the company viewed data residency concerns as holding back cloud adoption, Guidewire

saw an inflection in demand for cloud solutions. In addition, Guidewire’s InsuranceSuite core had

been deployed in the cloud for roughly twenty insurers through third-party SIs (systems integrators). As

a result, Guidewire developed a cloud offering called InsuranceSuite Cloud, beginning with its first

InsuranceSuite Cloud customer, MetLife (MET). After publicly announcing MetLife last year, Guidewire

began to sell InsuranceSuite Cloud and has seen a big uptick in demand for the product, expecting

cloud to represent 30%-40% of new sales in FY18, up from 6% in FY17.

Update from Raymond James, February 2018

We are reiterating our Outperform rating on Marsh & McLennan. Marsh & McLennan is leveraged to the

GDP growth in the regions in which it operates. Additionally, we believe the company’s growing

presence in the middle markets, coupled with an improving global economy, could position the

company to report organic growth at the high end of the 3-5% average over the last eight years.

Finally, Marsh & McLennan has an active capital management program, including at least $2.5 billion to

be deployed in 2018, which provides some support to the current stock price.

Update from Investec, February 2018

…the multi-year CAPEX-led platform build now shifts to focus on mid-term growth delivery. This implies

near-term OPEX and disruption in FY18, but MONY looks well placed in the still-growing PCW

market given scale, vertical spread and superior unit economics, with MoneySavingExpert a

strong differentiator in a homogeneous price comparison industry…MONY gave comfort that the

new platform is fit for purpose with a scalable cloud-based infrastructure, single customer view

and analytics, aggregation engine, APIs etc. From this base (13.2m active users – a new KPI), the

focus shifts to optimising customer experience and mobile. Incremental OPEX is £5m and £6-9m

exceptional cost, offset by £5m less CAPEX.

Update from Investec, February 2018

Germany Elsevier/STM questions dominate, but we see the new Deal consortium as one of many

subscription renegotiations amongst its 5000 customers (renegotiating constantly). RELX suggests new

consortiums take time to finalise initial deals given numerous different demands and agendas. RELX

has dealt with over 170 new consortiums in the last 15-20 years, some ‘noisy’ and hostile

initially, and delivered deals and growth by adapting the service offer with open access part

integrated if/as required (open access is growing double digit with market share doubled over 4

years).

Update from RBC Capital Markets, February 2018

The company continues to generate substantial new flows from pension risk transfer which

could well continue given recently announced difficulties by a key competitor (MetLife). We likewise

believe that control problems Met faced are likely to be specific to Met and Prudential won’t be facing

similar charges.


Appendix – Coverage Universe Components

The coverage universe for various sectors is as follows:

1 Payments:ADS, FLT, ENXTPA:EDEN, WEX, FIS, FISV, JKHY, ACIW, EPAY, V, MA, AXP, PYPL, SHOP, ENXTAM:GTO, DBD, CATM,

MB, EVRI, PMTS, BOVESPA:CIEL3, FDC, GPN, TSS, VNTV, SQ, LSE:WPG, XTRA:WDI, ENXTPA:WLN, DLX, LSE:PAYS,

TSE:3769, QIWI, EVTC, LSE:PAY, UEPS, NEWT, JTPY, ENXTPA:ING, NCR, SZSE:002152, PAY, SEHK:327, AIM:SCH,

PAR, WU, EEFT, HAWK, GDOT, MGI, ASX:OFX, PLPM

2 Bank Technology

Solutions:FIS, FISV, JKHY, SWX:TEMN, BSE:532466, TSE:6457, QTWO, SGX:5CP, EPAY, OTCPK:CSVI, BSE:538835, SWX:CLXN,

AIM:MONI, LSE:EXPN, EFX, TRU, OM:IJ, FICO, FNF, ZG, CSGP, ELLI, CLGX, BKFS, LSE:ZPG, STC, TSX:REAL, ASPS,

REIS, ENXTAM:WKL, PEGA, DNB, ENXTPA:SOP, WSE:ACP, MITK, AIM:SQS, NTWK, INTC, IBM, AXP, PYPL, FDC

3 Specialty Finance /

Alternative Lending:NAVI, NNI, PRAA, ECPG, PRGX, PFMT, ASFI, CIT, CACC, NEWS, MRLN, TSX:CHW, ASX:ZML, CPSS, COF, SYF, DFS,

SLM, LSE:PFG, SC, OMF, FCFS, AAN, LSE:TCS, SGBK, WRLD, LSE:IPF, TBBK, EZPW, RM, OB:MONO-ME, ATLC, URI,

AL, TSX:EFN, TGH, RCII, ASX:FXL, CAI, FLY, NSM, CASH, PHH, PFSI, OCN, WAC, LC, TREE, YRD, DB:FRU, ENVA,

XRF, ELVT, ONDK, DB:MBC

4 Securities:BGCP, LSE:NXG, LSE:IGG, IBKR, ENXTAM:FLOW, KCG, VIRT, ITG, ENXTPA:VIL, INTL, SWX:CFT, BMV:FINAMEX O,

WFC, BAC, C, LSE:HSBA, ASX:CBA, TSX:RY, TSX:TD, ENXTPA:BNP, USB, AXP, LSE:LLOY, PNC, ASX:NAB, TSX:BMO,

LSE:BARC, SEHK:11, LSE:RBS, SGX:D05, TSX:CM, NSEI:ICICIBANK, MTB, BIT:MB, UMBF, LSE:CBG, FII, NSEI:IIFL,

XTRA:COM, CME, ICE, SEHK:388, XTRA:DB1, LSE:LSE, BOVESPA:BVMF3, NDAQ, CBOE, ASX:ASX, SGX:S68,

ENXTPA:ENX, BME:BME, TSX:X, SPGI, TSX:TRI, MCO, INFO, MSCI, FDS, ENXTPA:FIM, MORN, NSEI:CRISIL, VALU,

JPM, GS, MS, SWX:UBSG, DB:DBK, SWX:CSGN, ASX:MQG, TSE:8604, RJF, LAZ, SF, PJC, GHL, COWN, AMEX:LTS,

AIM:NUM, JMP, BLK, BK, BEN, NTRS, AMP, TROW, IVZ, LSE:HL., LSE:INVP, JHG, AB, CNS, WDR, APAM, WETF, VRTS,

SCHW, AMTD, ETFC, MKTX, TSE:8628, AIM:PLUS, TSE:8698, YIN, LSE:CMCX, SWX:SQN, GCAP, GLBR, STT, BR, SEIC,

ASX:CPU, DST, LPLA, LSE:TCAP, FNGN, ENV, LSE:SNN, ASX:BVS, ENXTAM:KA, SSNC, CPSE:SIM, LSE:ALFA,

ASX:IRE, LSE:FDSA, AIM:FDP, ENXTPA:LIN, AIM:SOG

5 Insurance:LSE:REL, VRSK, DNB, ACXM, MMC, AON, WLTW, AJG, BRO, LSE:JLT, MET, PRU, CI, TSX:MFC, AFL, LSE:AV.,

TSX:GWO, TSX:SLF, LSE:LGEN, PFG, LNC, SWX:SLHN, LSE:SL., ENXTAM:AGN, TMK, PRI, ANAT, LSE:HSD, DB:ALV,

ENXTPA:CS, AIG, SWX:ZURN, ALL, AFG, GNW, LSE:MONY, RATE, EHTH, ASX:ISU, QNST, CB, TRV, PGR, HIG, CINF,

LSE:RSA, THG, MCY, SIGI, EIG, STFC, MKL, WRB, AIZ, AWH, PRA, AFSI, RLI, AGII, OB, NAVG, AMSF, GBLI, GWRE,

EBIX, SPNS, CRD.B, AMEX:MJCO, TSXV:SY, PN, FNF, ORI, FAF, STC

6 BPO:ENXTPA:RCF, CVG, TTEC, SYKE, SRT, ESRX, ATHN, HQY, BOVESPA:QUAL3, MDRX, HMSY, QSII, CSLT, CPSI, RCM,

ADP, PAYX, ULTI, WAGE, TNET, CSOD, NSP, BNFT, ACN, NSEI:TCS, CTSH, NSEI:INFY, DXC, BSE:507685,

NSEI:HCLTECH, ENXTPA:CAP, ENXTPA:ATO, DOX, OTEX, NSEI:TECHM, CACI, EXLS, WNS, CALD, SYNT, BSE:532819,

NSEI:HEXAWARE, VRTU, UIS, VDSI, LSE:MCGN, BIT:BET, TSX:GIB.A, LSE:CPI, G, BSE:526299, CSGS, BSE:532809,

AIM:IBPO, PRGX

7 Financial Management

Solutions:INTU, LSE:SGE, BL, COUP, ASX:RKN, TYL, PEGA, ASX:TNE, QADA, AMSW.A, LSE:MCGN, NSEI:RAMCOSYS, ADP,

PAYX, WDAY, ULTI, HRB, PAYC, WAGE, PCTY, CSOD, NSP, LSE:HRG

8 Analytics / IoT:ORCL, DB:SAP, CRM, VMW, LSE:EXPN, OTEX, SPLK, DATA, FICO, XTRA:SOW, RP, NEWR, MSTR, CLDR, AYX, HDP,

VERI, DWCH, GOOGL, MSFT, AMZN, KOSE:A005930, T, CMCS.A, VZ, QCOM, TMUS, HLSE:NOKIA, S, GRMN, LOGM,

SLAB, IDCC, AMBA, GLOB, FIT, CTRL, GE, INTC, CSCO, DB:SIE, HON, TXN, TSE:6501, HPE, SWKS, RHT, ARW, PTC,

ZBRA, CY, IRDM, TSX:SW, ORBC, CAMP, SSNI, IBM, LSE:REL, EFX, NLSN, VRSK, IT, TRU, DNB, TDC, CLGX, VRNT,

ACXM, FORR, TSX:AIM, MATR

9 Healthcare Tech:

INOV, OMCL, VCRA, TRHC, STRM, CERN, DB:COP, MDRX, EVH, QSII, HSTM, AIM:EMIS, CPSI, COTV, HMSY, ATHN,

AIM:CRW, RCM, SREV, UNH, AET, ANTM, HUM, CNC, WCG, NUAN, MMS, MOH, MGLN, GTS, HIIQ

DISCLAIMER

The principals of Evolve Capital Partners are registered representatives of BA Securities,

LLC Member FINRA SIPC, located at Four Tower Bridge, 200 Barr Harbor Drive, Suite 400

W. Conshohocken, PA 19428. Evolve Capital Partners and BA securities, LLC are

unaffiliated entities. All investment banking services are offered through BA Securities, LLC,

Member FINRA SIPC. This presentation is for informational purposes only and does not

constitute an offer, invitation or recommendation to buy, sell, subscribe for or issue any

securities or a solicitation of any such offer or invitation and shall not form the basis of any

contract with BA Securities, LLC.

The information in this presentation is based upon Evolve Capital Partners estimates and

reflects prevailing conditions and our views as of this date, all of which are accordingly

subject to change. In preparing this presentation, we have relied upon and assumed,

without independent verification, the accuracy and completeness of information available

from public sources. In addition, our analyses are not and do not purport to be appraisals of

the assets, stock, or business of the Company or any other entity. Neither BA Securities,

LLC nor Evolve Capital Partners makes any representations as to the actual value which

may be received in connection with a transaction nor the legal, tax or accounting effects of

consummating a transaction. BA Securities, LLC and Evolve Capital Partners do not render

legal or tax advice, and the information contained in this communication should not be

regarded as such.

The information in this presentation does not take into account the effects of a possible

transaction or transactions involving an actual or potential change of control, which may

have significant valuation and other effects.

If you are not the intended recipient or an authorized representative of the intended

recipient, you are hereby notified that any review, dissemination or copying of this

presentation is prohibited.

KEY SENIOR PROFESSIONAL

Alexander Koles

Founder, CEO, Managing Director

[email protected]

Mr. Koles has over 14 years of financial

advisory experience including advising

middle-market and multinational firms on

merger and acquisition strategies and

execution, restructurings and capital

raises. Prior to founding Evolve Capital

Partners, he worked at a number of

leading investment banks in leadership

roles focused on restructuring

transactions. He started his career at

Merrill Lynch as an investment banker in

the corporate finance group.

CONTACT

Evolve Capital Partners

1350 Avenue of the Americas

2nd Floor

New York, NY 10019

T: (646) 688-2792

evolve-capital.com

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